After a recent report from Statistics Canada showed that the country's economy is growing – its gross domestic product increased 4 percent last quarter – a new study is showing that Canadian businesses have also been expanding. Furthermore, many of them are based in Toronto.

According to Profit Magazine's 23rd annual Profit 200, which ranks Canada's fastest growing companies, three of the top five companies are Toronto-based. The most staggering rate of expansion comes from a firm called Mood Media, a messaging and signage company, as sales for the business have increased a whopping 72,384 percent over a five-year period.

Other thriving Toronto-based establishments include the mortgage broker network Pacific Mortgage, and software development company Varicent Software.

Overall, the survey found that new companies averaged a growth rate of 1,464 percent and have added nearly 55,900 jobs to Canada's economy between 2005 and 2010.

As companies expand, its often a worthwhile investment for business owners to purchase storage units that can house documents, equipment or even be furnished and used as an office.